Showing posts sorted by date for query Tranche. Sort by relevance Show all posts
Showing posts sorted by date for query Tranche. Sort by relevance Show all posts

Saturday, June 6, 2026

Distract

Distract (pronounced dih-strakt)

(1) To draw away or divert, as the mind or attention.

(2) To disturb or trouble greatly in mind; beset.

(3) To provide a pleasant diversion for; to amuse or entertain.

(4) To separate or divide by dissension or strife; to confuse.

(5) To make “crazy or insane” (now rare except in the idiomatic “drive to distraction” and its variants when the concept of “mad” is used in its colloquial sense).

1350–1400: From the Middle English, from the Medieval Latin distracten (to turn or draw (a person, the mind) aside or away from any object; divert (the attention) from any point toward another point), from the Latin distrahō (to pull apart), the construct being dis- + trahō (to pull), from distractus (drawn apart), past participle of distrahere (to draw apart), the construct being dis- + trahere (to draw).  The dis prefix was from the Middle English dis-, from the Old French des from the Latin dis, from the proto-Italic dwis, from the primitive Indo-European dwís and cognate with the Ancient Greek δίς (dís) and the Sanskrit द्विस् (dvis).  It was applied variously as an intensifier of words with negative valence and to render the senses “incorrect”, “to fail (to)”, “not” & “against”.  In Modern English, the rules applying to the dis prefix vary and when attached to a verbal root, prefixes often change the first vowel (whether initial or preceded by a consonant/consonant cluster) of that verb. These phonological changes took place in Latin and usually do not apply to words created (as in Modern Latin) from Latin components since the language was classified as “dead”.  The combination of prefix and following vowel did not always yield the same change and these changes in vowels are not necessarily particular to being prefixed with dis (ie other prefixes sometimes cause the same vowel change (con; ex)).  Distract, distracting & distracted are verbs & adjectives, distractionism, distractibility, distraction, distractedness, distracter & distractee are nouns, distractable, distractible, distractionary, distractive & distractful are adjectives and distractedly & distractingly are adverbs; the common noun plural is distractions.

Diversions are where one finds them.

The sense of “to throw into a state of mind in which one knows not how to act; cause distraction in; confuse by diverse or opposing considerations” has been in use by at least the 1580s.  Obviously related (and emerging a decade-odd later) was the stronger sense of “disorder the reason of, render frantic or mad”, once in common use and preserved (in rather diluted form) in the idiomatic phrase “driven to distraction”.  The literal senses of “pull apart in different directions and separate; cut into parts or sections” were in use from the late sixteenth century but are now functionally extinct.  The adjective distracted dates from the 1570s in the sense of “perplexed, harassed, or bewildered by opposing considerations” and came directly from the verb distract; from the 1580s it gained the meaning “disordered in intellect, frantic, mad”.  The noun distraction came from the mid-fifteenth century distraccioun (the drawing away of the mind from one point or course to another or others), from the Latin distractionem (a pulling apart, separating), the noun of action from the past-participle stem of distrahere (draw in different directions).  The sense of a “drawing of the mind in different directions, mental confusion or bewilderment” dates from the 1590s, and the meaning “violent mental disturbance, excitement simulating madness (in driven to distraction etc) was known from the turn of the century.  The meaning “a thing or fact that causes mental diversion or bewilderment” was in use by at least 1615 but, like other related forms, it probably was long in oral use.  The special use of distraction in medicine was used to describe “traction so exerted as to separate surfaces normally opposed”; it is long archaic.  The old idea of “distraction” meaning “crazy or insane” survives in the idiomatic phrases “drive to distraction”, “driven to distraction” and “crazy or insane” are now used in the colloquial, non-clinical sense meaning “a bit stressed or discombobulated”.  Usually, the phrases are used by those being so annoyed by someone or something they cannot focus on the task at hand.

Marjorie Taylor Greene and flying saucers

Marjorie Taylor Greene with assault rifle, campaign material, 2020.

Marjorie Taylor Greene (MTG, b 1974; US Representative (congressperson) (Republican-Georgia 2021-2026)) parlayed a career as a conspiracy theorist (evils of Islam, anti-Semitism, white genocide / replacement, Pizzagate, QAnon, etc (although she later disavowed her acceptance of what QAnon promotes)) into a seat in the US House of Representatives.  Once very much a Donald Trump (b 1946; POTUS 2017-2021 and since 2025) fan-girl and a devotee of the his MAGA (Make America Great Again) cult, during the second Trump presidency she made a remarkable volte-face, accusing him of betraying the “America First” movement, criticizing his policies (both domestic and foreign) and reluctance to release files related to convicted paedophile sex trafficker Jeffrey Epstein (1953–2019).  With apologies to William Congreve (1670–1729) who included the original line in his tragedy The Mourning Bride (1697): “Heaven has no rage like love to hatred turned, Nor hell a fury like a MAGA woman scorned.” and Mr Trump responded to this treachery by attacking her in a post on his ever-entertaining Truth Social platform, vowing to have her “primaried” (denied a place on the Republican ticket for the mid-term congressional elections in November 2026).  As recent Republican primaries have demonstrated, Mr Trump continues to hold the party in his thrall and MTG might have expected to suffer the same fate.  Accordingly, she resigned her seat so Mr Trump can treat that as a victory although she became what Lyndon Johnson (LBJ, 1908–1973; VPOTUS 1961-1963 & POTUS 1963-1969) called “outside the tent” (his argument being often it was preferable to have malcontents “inside the tent pissing out rather than outside pissing in”).

Marjorie Taylor Greene in happier times.

Outside the tent, the scorned MTG renewed her attacks.  Most displeased at US military action against Iran, she called for the cabinet to invoke the Twenty-fifth Amendment to the constitution and remove the president from office (on the grounds of physical or mental incapacity) and, in a rhetorical flourish, suggested the Republican Party should be “burned to the ground.  That was good but she also provided a critique of the administration’s tactic of “rolling out distractions”, calling the Pentagon’s release of “UFO (Unidentified Flying Object) files” as “look at the shiny object”, propaganda, placed in the public domain to divert public attention from matters such a high gas (petrol) prices, inflation and foreign military operations.  She dismissed the “UFO files” (the Pentagon prefers the nerdier UAP (Unidentified Anomalous Phenomena)) as revealing “nothing” and said the release was a mere strategic diversion, the administration knowing news outlets would think it a “sexy” topic that would displace gas and egg prices from the headlines and hopefully encourage the usual suspects in the public arena to start arguing about flying saucers.  Her core point was instead of publishing “UFO files” containing nothing substantive, the administration should fully disclose the Epstein files with no redactions beyond what was necessary to “protect the victims”.

Marjorie Taylor Greene, post MAGA.

President Trump said he’d directed the Pentagon to make available on their website 161 (with more to come) files “related to alien and extraterrestrial life, unidentified aerial phenomena (UAP), and unidentified flying objects (UFOs)", because of “the tremendous interest shown”.  Of course, as MTG pointed out, there is also “tremendous interest” in what’s as yet unseen in the Epstein files.  What MTG claimed was the public’s “tremendous interest” is seeing “names named” in the Epstein files was in conflict with the equally “tremendous interest” Mr Trump told her his “friends” had in the information remaining suppressed.  According to her, Mr Trump asked her to remove her support from releasing the Epstein files because placing them in the public domain would “expose and hurt ‘good people’ he knew at Mar-a-Lago”.  That clash of interests hasn’t gone away so while it can’t be predicted whether it will involve the White House’s new ballroom or some other “shiny object”, more distractions may be expected.

Political distraction

In political science, “distraction” is used in two ways.  The first sense describes forces or events which operate to divert a government’s attention from the matters on which they intended to focus.  Sometimes, this can happen because external events impose themselves or it can be a product of the attention of those in government being drawn to “other matters”.  The most amusing of these are personal vendettas which can assume a life of their own but they can involve just about anything.  The more interesting “political distractions” are those governments, parties or individual politicians “manufacture” to divert public attention away from damaging scandals, corruption, policy failures or unpopular legislation.  As one might imagine, given those imperatives, politicians often feel the need to distract the press and public for the public from thinking or talking about their many failings.  The orthodox approach among political scientists is to list diversions in six categories:

(1) Toss a dead cat on the table.  This describes the tactic of suddenly introducing an outrageous, shocking or highly controversial topic into the public arena, something designed to force the media and public to become interested in the new matter and forget or at least neglect whatever damaging discussion was dominating news cycle.  Aspects of the “culture wars” are dependable dead felines which is why matters such as trans-women’s participation in women’s sport do seem often to “crop up” when a politician’s poll-numbers are looking dire.

(2) Take out the trash.  The polite term for TotT is “Strategic Timing” which describes announcing policies likely to be unpopular policies or controversial executive orders on days when public attention is guaranteed to be fixed elsewhere, such as during big sporting events or during major holidays.  The trick to a successful execution of TotT is just to do it without leaving a “paper trail” (which can now be electronic).  That was a mistake made a certain bureaucrat in the UK government who, within minutes of the second jet hitting New York’s World Trade Center on 9/11 (11 September, 2001), sent a memorandum to her department head suggesting “It's now a very good day to get out anything we want to bury.  What was meant by that was that the coverage of the terrorist attacks would “swamp” just about everything else, meaning the government wouldn’t have to try to “defend the indefensible”.

(3) Tail Wagging the DogIn political science this tactic is glossed as “Diversionary Foreign Policy” and refers to governments initiating or escalating foreign conflicts, border tensions, or military action to create the “rally 'round the flag” effect and divert attention from domestic matters which are proving tiresome.  Cases studies of “wagging the dog” are numerous but in the case of nations inclined often to embark upon foreign military actions, it can be difficult to be sure a certain venture is an example or just “business as usual” foreign policy doctrine in action.  When, in August 1998, Bill Clinton (b 1946; POTUS 1993-2001) ordered a missile strike on the al-Shifa pharmaceutical factory in Sudan, that was claimed by the White House to be based on “solid intelligence” the facility was (1) connected with Osama bin Laden’s (1957-2011) al-Qaeda terrorist group (1957-2011) and was “manufacturing or storing the VX nerve agent”.  Although a successful military operation (ie the factory was destroyed with a low civilian casualty toll), the administration was forced subsequently to concede the intelligence was “not as solid as first portrayed”.  In Sudan, the locals had few doubts about the president’s motivation, the Monica Lewinsky (b 1973) scandal at the time dominating the US news cycle.

Distracting: English model Penny Lane (b 1991), Miami Swim Week, June 2026.  Her "catwalk strut" in a black, cut-out monokini with a matrix of thin, horizontal straps slashing across the midriff was the sensation of the show. 

(4) Scapegoating.  Although it’s the always reliable “blame the Jews” which is the standard template for scapegoating, the formula is adaptable to circumstances which can extend from religion & ethnicity (the way the Jews are exploited containing elements of both) to occupational categories, social class, political alignment and more.  Scapegoating can be a handy device of distraction when managing disquiet over issues such as unemployment, failing infrastructure, the spread of disease, crime, urban congestion, economic difficulties, rising prices or the weather (it really has been done).  Of late, the perfect scapegoats have been “illegal migrants” (often clipped to “illegals”), now in ample supply.

(5) Culture Wars.  Culture wars long pre-date Antiquity but in their modern sense were really a creation of the left, political parties (labour, socialist etc) which, even though for decades rarely being in power, were able in many places to become the central dynamic of the political process by “setting the agenda” some of their ideas becoming the dominant orthodoxy.  However, the right stumbled upon culture wars after the re-orientation of Western economies to the neo-Liberal model which tended to damage the interests of the working class.  What distractions like the culture wars (abortion, guns, right to drive huge pick-up trucks etc) offered to the right was the intoxicating prospect of persuading the working class to vote contrary to their own economic interest.  Threats to a way of life (trans people, climate change theories etc) have been added as culture war theatres as they proved to have traction.

(6) Flooding the Zone.  In the pre-digital age, this was called “drowning them in paperwork” which, although a mixed metaphor, conveyed well the notion of providing so much data it was impossible effectively to process.  In the age of social media, the technique has had to be adjusted because there are now some who will ignore the distraction and relentlessly focus of a single issue of interest but it does still work, advances in AI (artificial intelligence) meaning it’s now possible to release huge tranches of “redacted documents”.  At the micro level, the principle can be used by issuing literally dozens of executive orders (some of which the administration may have no intention of effecting and exist only as “sacrificial devices” in order to divert attention from a certain order.  Of course, just as AI can be a shield, it can also be a weapon, journalists and others now able to apply a Bot to a tranche, enabling in a short time the sort of analysis which would take a team of humans months or even years.

The ultimate usual suspect: Noam Chomsky's thoughts on distraction

In full flight: Noam Chomsky (left) discussing something with Jeffrey Epstein (right) while flying somewhere on a private jet.  Professor Chomsky is believed “deeply to regret” his association with Epstein, a man he once described as a “highly valued friend”.   The image was released by the US DoJ (Department of Justice).

Linguistics theorist & public intellectual Professor Noam Chomsky (b 1928) has for decades been something of an institution of the left, his critique of the policies of the US government in most aspects unchanging yet still attracting interest with each iteration, despite much of the mainstream media in the US maintaining what was, in effect, a ban on him appearing.  Unlike his work in structural linguistics, the complexities of which were understood by a relative few, Chomsky’s political writings were more accessible, something which some criticism from political scientists and those specializing in international relations who found his “elegant reductionism” just a form of simplification for mass-market appeal; political scientists much prefer the arcane.  Chomsky regards the tactics of distraction as tools in the strategy of manipulation and regards the art and science of distraction as the most significant of the ten vectors of manipulation practiced by the “political class” (political operatives and the news media).

(1) The strategy of distraction.  The primary element of social control is the tool of distraction, used to divert public attention issues and changes determined by political and economic elites; the most common tactic is the “flood”: “flooding” people with continuous distractions and insignificant information.  Distraction strategy is also essential to limit or even prevent public interest in the essential knowledge in the area of the science, economics, psychology, neurobiology and cybernetics: “Maintaining public attention diverted away from the real social problems, captivated by matters of no real importance.  Keep the public busy, busy, busy, no time to think.

(2) Create problems, then offer solutions.  This method is also called “problem–reaction-solution.”  It creates a problem, a “situation” that will induce some reaction in the audience and, in time, will see them demanding a “solution”.  Examples include allowing urban violence to spread or intensify (if necessary, agents of the state can even arrange the attacks), then responding to demands for “security” by passing laws allowing a harsh crackdown and restrictions on social rights.  Such a tactic can augment a manufactured “economic crisis”, one of the solutions being a reduction in spending on public services, even to the point of their widespread disestablishment.

(3) Gradualism.  The “gradual strategy” is a form of the “thin end of the wedge” and is a way of eventually achieving something which would have been unacceptable had there been an attempt to implement the change is “one hit”.  What’s done is that measures are applied gradually over years or even decades, the public acting like the tale of the frog in the pot of water being slowly brought to the boil.  That famous example turned out not to be how frogs react to gradually increasing water temperature but, in the West, it’s something like the way the radically new socio-economic conditions of neo-liberalism were imposed during the 1980s and 1990s.  Had the architects attempted to impose at once what proved to be the eventual outcome, the public would likely not have accepted the change.

(4) Deferment.  This is a “long game” tactic, the theory being a way to have the public accept an unpopular policy is to present it as “painful but necessary”, the psychology behind that being the notion it’s more palatable to accept a future sacrifice than an immediate slaughter.  Intriguingly, deferment is said to be effective because there is much to suggest there’s a general public belief “everything will be better tomorrow” and that the sacrifice suggested will finally be avoided.  That may sound surprising but the findings are said to be “solid” and mean people “get used to” the inevitability of the change and, “with a sense of resignation”, will accept things.

(5) Infantilism.  The theory (adopted also in many forms of advertising) is that if information is presented in a way one might to a child of twelve, (in other words as if addressing an adult with a mentally deficiency), the recipient will digest it with the lack of critical sense typical in a child of that age.  Not all political scientists are convinced this approach works in matters of public policy but its success in the marketing of at least certain products is acknowledged.

(6) Emotional appeals work better than anything analytic.  The idea is that stressing the emotional aspect of something can be effective because it tends to induce a “short-circuiting” of a recipient’s capacity for rational analysis, and finally to the critical sense of the individual.

(7) Keep the public in ignorance and mediocrity.  The object is to make the public incapable of understanding the technologies and methods used to control and enslavement.  Most obviously, this is achieved by keeping the quality of education provided to the lower social classes at a most mediocre level, ensuring a wide “ignorance gap” exists between them and the hegemonic class.  Instead of knowledge, the lower classes are given diversions such as reality TV and an endless diet of football matches.

(8) Self-identification of the lower classes with ignorance.  Apparently, this wasn’t something anticipated by the theorists but among sub-sets of the marginalized class, what evolved was a kind of “cult of ignorance” in which being uneducated and vulgar is fashionable and a form of class solidarity, toxic masculinity said by some sociologists to be a modern manifestation.

(9) Strengthen a sense of self-blame.  By definition, if individuals blame themselves for their misfortunes, they won’t blame the government and expect solutions to be provided although, impressionistically, it would seem demands often are made of governments regardless of a misfortune’s cause.  Still, if individual blames themselves, (failure of effort or ability), the hope is instead of rebelling against the economic system, the individual descends into an acquiescent insensibility and hopefully a state of depression which tends to inhibit getting out of bed, let getting ideas about staging a revolution.

(10) Knowledge is power.  Just because something is a cliché doesn’t mean it’s not true and in recent decades there does seem to have been a growing gap between knowledge in public hands and that owned and operated by the power elite.  The system of control has developed a sophisticated understanding of human beings, both physically and psychologically meaning mechanisms of control can now be more targeted.  There were optimistic types who believed placing AI (artificial intelligence) capabilities in the hands of the masses might redress this imbalance but there seem little to suggest the technology is doing anything other than strengthening the existing hegemony.

Tuesday, November 14, 2023

Magnum

Magnum (pronounced mag-nuhm)

(1) A large wine bottle having a capacity of two ordinary bottles or 1.5 liters (1.6 quarts).

(2) In ballistics, a magnum cartridge or firearm (a loaded with a larger charge than other cartridges of the same calibre).

(3) A firearm using such a cartridge.

(4) Used generally, unusually great in power or size:

1788:  From the Latin magnum (“great, large, big" (of size), "great, considerable" (of value), "strong, powerful" (of force); of persons, "elder, aged"), neuter of magnus (large), from a suffixed form of the primitive Indo-European root meg- (great).  The original use in English was to describe the large wine-bottle, then usually containing two quarts.  As the name of a powerful type of handgun, it was first registered in 1935 by the US company, Smith & Wesson of Springfield, Massachusetts.  Outside of ballistics, the most common use is now probably “magnum opus" (masterpiece, a person's greatest work, literally "great work", applied, in literature, music, art and (sometime a little liberally) popular culture.  Magnum is a noun; the noun plural is magnums or magna.

The magnum’s place in the hierarchy of Champagne bottles.

Magnum ammunition

Lindsay Lohan in habit with Smith & Wesson .500 Magnum, Machete (2010).

Released in September 2010 at the Venice Film Festival and distributed internationally by Sony Pictures, Machete would probably be more highly regarded if the full-length feature had lived up to the promise created by the artfully-edited trailer.  Probably about twenty minutes too long, the critical consensus suggests Machete was a violent, shallow, repetitive and probably unnecessary addition to whatever was the sub-genre of exploitation it inhabited.  That said, the production values were thought high enough for those who like this sort of thing to be able to look forward to it as one of the more enjoyable movies of the summer of 2010.

Smith & Wesson .357 Magnum.

A magnum cartridge is one with a larger case size than the standard cartridge of the same calibre and case shoulder shape.  The now generic term is derived from Smith & Wesson’s Original .357 S&W Magnum, introduced in 1934; magnum ammunition containing either or both additional propellant or a heavier projectile but the term is a bit of an anomaly in the business of ballistics.  Although in the terminology of firearms, most jargon is explicitly defined, “magnum ammunition” has no precise codified set of standards, instead being just an indication of the possession of more powerful characteristics than other loads of the same calibre and shape.  One revolver which has found a niche is the .22 Magnum.  Although in the public imagination it lurks behind the bigger calibre loads (.357, .44, .50), it's a practical device which can use the .22 LR (Long Rifle) shell and manufacturers offer them with a cylinder capacity of 10 or 12, more than many semi-automatics.  Retailers recommend them for non-expert shooters because with a minimal recoil when firing, they're easy to handle and the rule is it’s better to have a .22 LR that hits its target than a .44 Magnum that misses it. 

Smith & Wesson .500 Magnum.

Smith & Wesson’s original .357 Magnum was introduced in 1934 in response to the growing availability of bullet-proofing technology in both automobiles and the ballistics vests used for personal protection.  It was an attempt to provide greater penetrative power without the need to increase the bore with the consequential increase in the size and weight of weapons.  Predictably though, the arms race had begun, and in the decades which followed, magnum loads would become available for a wide range of calibres, hand guns and long arms as well as shotguns, the classic .44 Magnum, later made famous in popular culture, released in 1954.  It didn’t stop there, increasing demand for the .44 convincing Smith & Wesson to develop the .500 Magnum, currently the most powerful handgun load generally available and one marketed, in addition to its other attractions, to those who might find it more convenient than a rifle for hunting big game.  The size, weight and recoil however mean it’s not suitable for all and in the US, .500 is anyway the legal limit for handgun loads.  In US law, it’s a rare restriction.

.460 Weatherby Magnum.

For that reason, even Smith and Wesson do recommend that unless one plans to hunt elephant at close range or expect to confront a charging wild boar, loads like the .357 Magnum are better for what most people do most of the time.  The same caution applies to the Magnum loads for rifles, the .375 Magnum often nominated by experts as the perfect compromise for all but the most extreme applications.  Indeed, it was loads like the .375 Magnum which eliminated most of the need for the famous old-style “elephant guns” like Holland & Holland’s .600 Nitro and the .458 and .460 Magnum cartridges of the 1950s were necessitated only by regulations governing big-game hunting in Africa mandating a load above .400.  Despite that, demand for the heavy calibres remains strong, Holland and Holland, after introducing a canon-like .700 Nitro found demand so unexpectedly strong that they resumed production of the long retired .600.  While it seems unlikely heavier loads will be thought practical, that may not matter, there being some evidence many of the .700 Nitros are sold to collectors, never to be fired.

That said, Austria’s Pfeifer firearms created supply to meet what demand there may be.  The Pfeifer .600 Nitro Express Zeliska single-action revolver weighs over 13 lb (4.85 kg) and is  22 inches (.56 m) in length, the cylinder section alone weighing 4.5 lb (17 kg).  Although generating a muzzle energy of 7,591 foot pounds (33.7 kn), paradoxically, the weight of the gun actually limits the recoil, making controlled shooting possible although, practice is essential.  With a cylinder capacity of either five .600 Nitro or .458 Winchester Magnum rounds, it's able to fire a 900 grain, .600 some 2000 feet (600+ m).  At release, Zeliska listed the revolver at US$17,316 and because each .600 Nitro Express round costs about US$45, it’s an expensive hobby.

The Magnum Concilium

Dating from Norman times, the Magnum Concilium (Great Council) was an English assembly eventually composed of senior ecclesiastics, noblemen and representatives of the counties of England and Wales (and later of the boroughs too) which was from time-to-time convened to discuss matter of state with the king and his advisors (sitting as the Curia Regis (King's Court; a kind of predecessor to the Privy Council and later the cabinet).  The Magnum Concilium evolved into the Concilium Regis in Parliamento (the parliament of England), the first generally thought to be the so-called "Model Parliament" of 1295, which included archbishops, bishops, abbots, earls, barons, and representatives of the shires and boroughs.  The evolution wasn’t linear, power in the land a constant struggle between king and parliament, the authority of both fluctuating as the politics of the day effed and flowed.  Nor was the parliament a united force, shrewd kings knowing how to exploit divisions between the parliamentary factions but by the reign of Edward II (1284-1327; as Edward of Caernarfon, King of England 1307-1327), the nobility was ascendant, the Crown compliant and the rest essentially irrelevant.

Execution Of Charles I, 1649 (circa 1850) by an unknown artist.

Under Edward III (1312–1377; as Edward of Windsor, King of England 1327-1377), the modern bicameral structure (a House of Commons & a House of Lords), became clear and the authority of Parliament grew although the Lords remained by far the most powerful because that was where the economic resources were concentrated.  That reality was reflected by the practice, under the Plantagenet kings, of the summoning of the Magnum Concilium being something exclusively ecclesiastical & aristocratic, the representatives of the commons rarely in attendance.  After Henry VII (1457–1509; King of England 1485-1509) convened the Magnum Concilium on several occasions in the late 1400s, for various reasons, its participation in the governance of England went into abeyance until, in 1640, Charles I was advised to summon the Magnum Concilium after he’d dissolved the Short Parliament in order to raise money because his misrule and wars of adventure had bankrupted the state.  The king got his money but his private army was soon at war with the parliamentary forces of both Scotland and England and those wars did not for him go well.  Before the decade was over, he would be beheaded.  The Magnum Concilium has not since met but experts in English constitutional law have confirmed it still exists and can, at any time, be summoned by the Crown.

Chrysler’s 440 Magnum Six-Pack

383 Magnum V8 with cross-ram induction in in 1960 Dodge Dart Phoenix D-500.

Chrysler’s family of big-block wedge V8s lasted from 1958 until 1978 but, although the label is often commonly applied, not all were designated “Magnum”.  The first Magnum was a high-performance version of the B-series 383 cubic inch (6.3 litre) V8 (which differs from the later RB 383), the highlight being the option of a (long) cross-ram inlet manifold with two four-barrel carburetors.  It was only Dodge which used the Magnum label; the equivalent power-plant in a Plymouth was called a Commando (there were adjectives sometimes added) and in a Chrysler, a TNT.

1970 Dodge 440 Magnum Six-Pack.

Introduced in 1969, the highest evolution of the RB Magnum were the 440 cubic inch (7.2 litre) versions built with three Holley 2300 series two-barrel carburetors instead of the more commonly seen single carburetor induction (which were on the 440 almost exclusively in four-barrel form).  The early versions used an Edelbrock manifold cast in aluminum but supply difficulties forced Chrysler also to cast their own in cast-iron to meet demand.  Although obviously a high-performance variation, marketed by Dodge as the 440 Magnum Six-Pack, the engine was engineered to use only the centre 250 cubic feet per minute (7 m3) carburetor under normal throttle loads, the outer two 370 cfm (10.4 m3) units used only if summoned (something like the "demand" superchargers on Weimar-era Mercedes-Benz, the kompressor activated only when the throttle was pushed wide-open, high in the rev range).  If one could resist the temptation of the sudden onrush of power, the Magnum Six-Pack could be quite economical by the admittedly slight standards of the time, simply because, when driven with restraint, it was percolating along with only the one two-barrel carburetor active.

440 Magnum Six-Pack in 1970 Dodge Challenger.

Internally, the Six-Pack Magnums differed from the single carburetor engines in the use of stiffer valve springs borrowed from the 426 Street Hemi, stronger rocker arms (strengthened connecting rods were added in 1970), molybdenum-filled piston rings and flash chromed valves (which is why simply adding the six-pack induction system to a standard 440 can end badly).  Better to cope with the additional stresses imposed by those high-tension springs, the camshaft lobes and lifter faces were blueprinted to equalise the loads, the lifters rotating to distribute wear equally across the surfaces subject to friction.  With its compression ratio upped from 10.1:1 to 10.5:1, upon release, the Magnum Six-Pack was rated at 390 bhp (290 kw), dropping slightly to 385 (287) when some minor anti-emission adjustments were made in 1971.  At around half the price of Chrysler’s much-vaunted Street-Hemi adaptation of the race engine, the Magnum Six-Pack was a bargain, at least matching the Hemi in most aspects of performance until speeds above 120 mph (190 km/h) were attained, along with a longer manufacturer’s warranty and lower insurance costs, at least for some.  It was good while it lasted but in the US, 1971 was the swansong for both the Magnum Six-Pack and the Street-Hemi, emission regulations and an astonishing increase in the cost of insuring the things crushing demand.

1971 Jensen FF Series III, one of 15 made from a total production (1966-1971) of 320.

Across the Atlantic however, the Six-Pack Magnum did enjoy a brief afterlife after being driven extinct in the US.  Jensen, in the throes of phasing out their acclaimed but unprofitable all-wheel-drive FF, were looking for a flagship which could be created quickly and cheaply, ruling out the mooted convertible which wouldn’t appear for some years.  With their planned new F-Type unlikely to be on sale before 1973, the need was for something which demanded neither much development time nor an onerous budget.  As it was, circumstances contrived to ensure the F-Type was stillborn after a single prototype was built.

The much admired louvers on 1972 Jensen SP.  So much did the look appeal a louvered bonnet (hood) of a slightly different design was later made available on the standard Interceptor.

Jensen had for years been building their Interceptor & FF models with the Chrysler RB engines and had even flirted with the idea of doing a run with the Street Hemi, a project aborted when the costs of adaptation became apparent.  In late 1970, Jensen’s need for something was communicated to Chrysler which, by happy coincidence, had a batch of Magnum Six-Pack engines which had been gathering dust in a Canadian warehouse since being effectively orphaned by the new US emission control legislation.  Within days, agreement was reached, Jensen taking delivery of the first tranche of the batch which, although unable to be sold in the US, were legal just about everywhere else.  The mechanical specification settled, discussions then turned to other features which could be included to enhance the car’s status as a premium product.  Because it was the 1970s (and there's really no other excuse), without much discussion, it was agreed to glue on a vinyl roof; that many others did the same thing is no defense but it wasn't obligatory; of the 232 SPs, there were 185 with a black vinyl roof, 15 in tan, two in white while three subversives ordered the "Duotone" paint option with the roof painted a contrasting color.  More defensible was the inclusion of a high-quality and very expensive Learjet eight-track cartridge stereo system and, to provide some continuity with the FF, it was decided to use that model’s blue-themed badges rather than the red used on the Interceptor.  Also, interestingly, it was during these initial discussions that a fully louvered bonnet (hood) would be included in the specification but there’s no indication there was any concern about additional engine-bay heat, the louvers apparently just a styling device to evoke memories of earlier eras when they were common on high-performance machinery.  There was little debate about the name; several people had suggested SP was the obvious choice.  In December 1970, the first prototype SP was built although the intricacies of the triple carburetor engine weren’t entirely new to Jensen’s engineers, having a few months earlier fitted one to an Interceptor.  Assessment of the prototype proved the adaptation was as straight-forward as expected, the minor issue of the additional clearance demanded by the big air-filter effected by a quick fix to the filter housing.

1971 Jensen SP at the Geneva Motor Show, March 1972.  Just twelve were built in left-hand drive configuration because the SP engine couldn't meet the new US emission standards, thereby precluding sales in the market most receptive to thirsty machines.

Scheduled for release in the northern autumn of 1971, Jensen’s original plan had been to announce the SP as part of their new range including the Mark III versions of both the Interceptor and FF but the realities of the future made apparent the mixed-messaging was a bad idea.  The SP was intended to be the new top-of-the line model so announcing it with an updated version of the doomed yet still more expensive FF made little sense, the Mark III FF created only as a way to ensure the last fifteen FF body-shells (the all-wheel drive configuration necessitated a longer wheelbase) could be utilised.  Almost all FF marketing was thus terminated and the emphasis switched to the new two-model range with the SP sitting atop which meant the Mark III FF, which would become one of the Jensens most prized by collectors, went at the time almost unnoticed.

1972 Monteverdi 375/4.

Beginning its tour of the motor show circuit, the new flagship was greeted with subdued interest by the motoring press which viewed the SP as the hot rod Interceptor it was and which, while entertaining in a occasionally brutish (and rather un-Jensen like) sort of way, was not as intriguing as the soon-to-be lamented FF, the prowess of which had so astonished all who drove it, exploring for the first time the revolutionary possibilities of anti-lock braking and all-wheel-drive.  Nevertheless, the performance did impress, a top-speed of 143 mph (230 km/h) being reported although it was noted the even bigger and heavier 375/4 limousine made by boutique Swiss manufacturer Monteverdi had been clocked just a little faster and it used the 440 with only a single four barrel carburetor.  Still it was fast enough and nobody complained the SP lacked pace.

Jensen SP press release, 5 October 1971.

What did elicit complaint was the manner in which that speed sometimes arrived.  The tremendous delivery of power at full-throttle was praised but the lack of predictable response lower in the rev-range attracted criticism, the additional carburetors kicking in sometimes unexpectedly and not always when the car was heading in a straight line.  Issues with hot-starting were also apparent and even the otherwise much admired multi-louvered bonnet was found not the be without fault, the slats apparently changing either the properties of the metal or the reaction of the shape to the fluid dynamics of air-flow; at speed, the bonnet would “slightly shiver, almost as though improperly fastened” and testers, used to the cocoon-like stability of the Interceptor and FF, found it disconcerting.  While none of the reviews were damning, nor were they much more than polite.  Surprisingly, the only mention testers made of the standard air-conditioning (A/C) was that it worked well but it deserved a longer note because Jensen was the only factory which fitted A/C to a triple-carburetor 440, Plymouth & Dodge in the US never offering the option.  Monteverdi enjoys a similar distinction, it's Hai (two of which were built in 1971 & 1973) the only vehicle powered by Chrysler's 426 cubic inch (7.0 litre) Street Hemi V8 to have factory fitted A/C.

1972 Jensen SP engine bay.

Worse was to come as customers started reporting problems, the first being the issue of under-bonnet heat.  Although a big machine by European standards, the engine bay of the Jensen was smaller than anything to which it’d been fitted in the US and, even with the louvers helping to ventilate the space, it got very hot in there and this quickly affected the carburetors which had never before been exposed to such extremes; parts warping as the metal heated and then cooled, causing air-gaps to emerge, making accurate tuning, vital with multiple-carburetion, impossible.  The factory was soon receiving reports of engines which refused to idle and, due to the inherent nature of the Holly 2300 carburetor design, engines would run too rich after a week or so of nothing more than normal driving.

Chocolate fiend Lindsay Lohan with Magnum (ice cream) backdrop.

For a small company like Jensen, it was a major setback.  The company had built the Interceptor's reputation on reliability and ease of ownership essentially by piggy-backing on the back of the bullet proof Chrysler V8s and TorqueFlite transmissions it had begun using in the Interceptor's predecessor, the CV8.  The approach, adopted by many in this era, appealed to buyers not sufficiently seduced by the bespoke charm and mechanical intricacies of the continental competition to wish to deal with the cost and inconvenience of the more demanding maintenance schedules (and expensive parts catalogue) listed by Ferrari, Lamborghini & Maserati.  Like the MGA Twin-Cam (and for that matter the later Jensen-Healey), the SP was a classic case of insufficient product development and testing, examples of which littered the post-war UK industry.  Perhaps there was complacency because (1) multiple carburetors were nothing new to British manufacturers and (2) the Six-Pack Magnum had a good record of reliability in the US.  However, three Hollys on a big-block Chrysler turned out to behave differently to three big SUs on a Jaguar XK-six.                  

1970 Dodge Super Bee 440 Magnum Six-Pack with typical girlfriend of typical buyer.

The occasional quirk of the Magnum Six-Pack was not unknown in the US but there the nature of the thing was well-understood; it was a hot-rod engine bought by those who wanted such things, most owners young, male, mechanically adept and often anxious to tinker under the hood (bonnet).  The Jensen buyer was a wholly different demographic, mostly older, affluent men who either had rarely seen under a bonnet or hadn’t looked for many years and their expectations of a car which was twice as expensive as Jaguar’s V12 E-Type were very different to those youthful Californian baby boomers had of their hotted-up taxi cabs.  Used to the effortless, if thirsty, behavior of the Interceptor, some found their SPs, the high-performance of which most could rarely explore, were behaving like brand new, very expensive old clunkers.

Jensen FF with typical mistress of typical buyer.  This is not a period photograph but is English model Harriadnie Beau Phipps (b 1993) in a 2014 photo-shoot for Oxfordshire-based UK operation Bavarez which specialized in restoring & modifying Interceptors. 

Weeks of testing and experiments with all sorts of adjustments proved pointless.  In Jensen’s workshops it was always possible to produce a perfectly running SP but, after sometimes as little as a week in the hands of owner, it would be back, displaying the same symptoms and in the end, Jensen admitted defeat and offered the only solution guaranteed to work: remove the triple induction system and replace it with the Interceptor’s faithful Carter Thermoquad four barrel carburetor.  That alleviated all the drivability issues but did mean that having paid their £6,976.87, a premium of a thousand-odd pounds over the anyway expensive Interceptor, the emasculated SP became an Interceptor with a vinyl roof, an eight-track cartridge player and a vibrating bonnet.  The factory’s records suggest between a quarter and a third of buyers opted for the Theromquad fix and some refunds were paid to the especially unhappy.

Last gasp: 1974 Jensen Interceptor convertible.

Although Jensen had known, because the Magnum Six-Pack was out of production, the SP was not going to have a long life, it had been hoped it would fulfil its role until the new F-Type was expected to be released in 1973.  However, having built 208 SPs, Jensen didn’t take up their option on what was still in Chrysler’s Canadian remainder bin and, once the stock already delivered was exhausted, the SP was allowed quietly to die.  Between September 1971 and July 1973, 231 Jensen SPs were completed with one final example built in October, a special order from someone who really wanted one.   

1972 Jensen-Healey publicity shot.

It was the start of a run of bad luck that would doom also the Interceptor and the entire company: (1) Development issues would beset the F-Type which would never see the light of day, (2) the Jensen-Healey (1972-1976) sports car which had seemed so promising turned into an expensive flop and (3) the first oil shock in 1973 rendered the Interceptor and many of its ilk suddenly big, thirsty dinosaurs and not even the release in 1974 of a much-admired convertible version could rescue things.  Bankruptcy loomed and by 1976 the end came.  However, flawed but charismatic English cars, decades on, sometimes enjoy second acts and SPs are now much prized with a small industry devoted to restoring them to their six-barreled glory, modern materials and techniques of insulation & cooling now able to transform them into something as well-behaved as any Interceptor.

Friday, October 29, 2021

Tranche

Tranche (pronounced trahnch, trahnsh, or trahnsh (French))

(1) One part or division of a larger unit; a slice, section or portion.

(2) A group of securities that share a certain characteristic and form part of a larger offering.

(3) Any part, division, or instalment.

(4) In finance, to divide into parts, applied especially to loans and share issues.

(5) In insurance, a distinct subdivision of a single policyholder's benefits, typically relating to separate premium increments.

(6) In pensions, a scheme's or scheme member's benefits relating to distinct accrual periods with different rules.

1400s: From the French tranche, (a cutting (literally, “a slice”)), a form of trancher (to cut, to slice), from Old French trenchier, trancher & trancher (cut, make a cut), possibly from the Vulgar Latin trinicāre (cut in three parts). It was cognate with the English trench.  The specific uses in economics and finance didn’t emerge until 1930.  The form in Modern French is tranché (feminine tranchée, masculine plural tranchés, feminine plural tranchées), the past participle of trancher (clear-cut, marked, bold, distinct (and in heraldry: per bend)).  Tranche is a noun & verb and tranched & tranching are verbs; the noun plural is tranches.

Tranches in a collateralised debt structure.

Tranche has become so associated with matters financial that the word is now seldom used in other contexts, probably a good thing given it’s likely only to confuse.  In finance, a tranche is a portion of a security (loans, mortgages, stocks, bonds etc) that can be packaged for sale to investors; Securities are broken to be reassembled in different forms for a number of reasons, the most obvious of which is to make them easier to sell.  Because investors base their decision to purchase on factors such as risk, time and the quality of asset backing, tranches prepared for sale vary in the emphasis placed on these factors to attract buyers with different priorities.

Slicing the cake.

Since the global financial crisis (GFC) began in 2008, the perception probably is that packaging is most associated with residential mortgages, the money banks and others loan to people to buy houses as homes or investments.  That’s not entirely true but it has been a big part of the market.  Typically, mortgages are repaid over fifteen to thirty years but the lenders prefer to churn, banks, rather than waiting decades to get the money, on-sell mortgages to investors, thereby gaining the funds to lend for more mortgages.  Because of the limited number of number of investors, individuals and institutional, willing to buy thirty year mortgages, banks create tranches, some including the first three years of each mortgage, some the five years while a few will run for the whole term.

This spread of products appeals to a spread-out market.  Some investors will prefer the low-risk tranche of three-year mortgages and accept the lower interest rate while others will opt for the riskier long-term tranche, attracted by the higher rate.  Tranching is thus a device which maintains the liquidity of the loan pool and provides a differentiated securities market in which investors can adjust their exposure according to their own risk versus reward calculation.

Pick your tranche; you pay your money, you take your choice.

The particular, celebrated case of the sub-prime mortgage crisis which began to manifest in 2008-2009 involved mostly tranches of CMOs (collateralized mortgage obligations) and the problems then were not a product of the structural design of tranching but the quality of what was being tranched.  Essentially, like many of the periodic crises in capitalism, the GFC was triggered by over-production.  The traditional mortgage market consisted of borrowers judged to be capable of repaying the loan but, various things having combined to mean the lenders had run out of them, they resorted to lending to people who would never be able to repay.  That required some clever contractual engineering to ensure (1) the credit-rating agencies would grant investment-grade ratings to what were junk securities so (2) the risk would be quickly on-sold.  The rationale for all of this was that the tranching was done in such a way that the spread of the risk was so diversified that whatever defaults occurred would present no systemic threat.  There are interesting stories about (1) & (2).

Lots lost lots in the GFC but there were also quite a number who made much and very quickly.  So profitable for those few in the right place at the right time was the loaning of money to those with no capacity to repay that it’s hard to believe it won’t, at scale, happen again and there are suggestions it may be happening now.  The unusual combination of borrowing at historically high multiples against static or falling incomes for assets at historically high valuations has happened in an era of historically low interest rates.  Movements downwards in asset values or upwards in interest rates will have a multiplier effect on each-other and those movements, if sufficient, will essentially render much mortgage debt functionally sub-prime and there were those who predicted the extraordinary increase in the global money-supply playing out this way.

The headline in the French language which in 2016 announced: Lindsay Lohan s'est tranché le doigt en deux (Lindsay Lohan sliced her finger in half).

Actually "sliced her finger in half" was a bit sensationalist (one might even say Anglo-Saxon style click-bait).  In October 2016, during an Aegean cruise, there was a nautical incident, the tip of one of her fingers severed by the boat's anchor chain but details of the circumstances are sketchy.  It may be that upon hearing the captain give the command “weigh anchor”, she decided to help but, lacking any background in admiralty terms and phrases, misunderstood the instruction.  The detached piece of digit was salvaged from the deck and ashore, soon re-attached by micro-surgery.  Digit and the rest of the patient are said to have made full recoveries, something especially significant because it was the ring finger which was “tranched” but, thanks to the surgeon’s skill in fixing the gruesome injury, she managed later to find husband and the finger now displays engagement and wedding rings.  All’s well that ends well.